Blackfinch Spring VCT PLC has released its weekly market update, providing a summary of global events. In the UK, the Bank of England stated that global economic growth remains subdued and that interest rates may need to remain high to ensure inflation continues to fall. Data from the Office for National Statistics showed that households with mortgages experienced 9.3% consumer price inflation in the year to September, while those who owned their homes outright saw a rate of 7.4%. Grocery inflation fell to 9.1% in the four weeks to November 26, down from 9.7% the previous month. The Halifax House Price Index reported a 0.5% increase in house prices in November, with an annual decline of 1.0%. The UK construction sector contracted for the third consecutive month in November, with a reading of 45.5 on the S&P Global/CIPS UK Construction Purchasing Managers' Index.
In North America, US non-farm payrolls exceeded expectations, with 199,000 jobs added in November and an unemployment rate of 3.7%. This contradicted a report from ADP, which showed fewer jobs added than expected. The Census Bureau reported a 3.6% month-on-month decline in factory orders in October.
In Europe, the European Commission proposed a nearly three-year delay to the introduction of a 10% tariff on the sale of electric vehicles between Britain and the European Union, addressing concerns from the automotive industry.
Moody's downgraded the outlook on Chinese sovereign debt to negative from stable, citing concerns over lower medium-term economic growth and ongoing issues in the property sector.
Overall, the market update provides a snapshot of key economic indicators and events from around the world, offering insights into the current state of various markets and sectors.